“Majority Leader Chuck Schumer is pushing the Senate toward lifting the federal prohibition on marijuana with legislation that would represent the biggest overhaul of federal drug policy in decades. The bill that Schumer is drafting with Senate Finance Chair Ron Wyden of Oregon and New Jersey Senator Cory Booker is still being written. Though they avoided the term legalization when announcing their plan, it is expected to remove marijuana from the list of controlled substances and tax and regulate it on the federal level while leaving states able to enforce their own laws regarding the drug. Their proposal goes beyond decriminalization, which President Joe Biden voiced support for during his campaign, and may be a stretch for some Senate Democrats.”

“But it taps into building public sentiment for legalization and moves by states to change marijuana laws, including Schumer’s home state. New York is about to become the 16th state to legalize the drug for recreational use. On Tuesday night, the Assembly and Senate passed a bill that would allow personal cultivation and tax and regulate commercial sales. Governor Andrew Cuomo said he plans to sign the legislation. Several other states also are moving toward legalization. In Washington, the House passed a major decriminalization bill in December for the first time but it was kept off the Senate floor by then-Majority Leader Mitch McConnell. Prospects for revamping marijuana laws have vastly improved with Schumer now in charge of the Senate’s agenda, but getting the 60 votes needed to overcome a filibuster remains a major challenge. In addition to winning over Biden on legalization, Schumer has yet to line up all 50 senators who caucus with Democrats – some of whom have long been skeptical of legalization – let alone at least 10 Republicans. Marijuana stocks have been soaring in recent months on the prospect of rapidly expanding markets as more states move to loosen restrictions” – Bloomberg.